The self-assessment tax return is an important of annual tax filings and thus it is important to complete the filing of this tax before the stipulated deadline. The time frame for filing the self assessment tax return started on 1st of November 2021 and ends on 31st January 2022. If you are thinking of filing a self assessment tax return, either for the 1st time or otherwise, you would need some help from self assessment tax return accountant regarding knowing different aspects associated with it. Let us have a look.
Deadline for filing the self assessment tax returns
The deadline associated with filing paper tax returns for self assessment tax was on 31st October 2021. However, the deadline for completing the online tax returns for self assessment tax is 31st January 2022. It is recommended that you should start preparing for the filing of tax return in advance before the onset of the deadline. The UK domiciled nationals and nonresident landlords who were not residents of UK during the tax year of 2020-21 might need the assistance of the accountant for filing the tax returns.
The people who are eligible for filing self assessment tax return
If you fall under the category of self-employed sole trader in the previous tax year between 6 April 2020 and 5 April 2021 then you would need to file, the self-assessment tax return. The sole traders would only be required to file the self-employed tax returns on the condition that they have earned in excess of £1,000.
The individuals that have untaxed income or the capital gains might also need to file the self assessment tax returns. Some of the examples associated with this are savings, investments, foreign income or dividends. Besides this, the other individuals that would need to file the self assessment tax return 2020-21 are landlords and high income individuals that receive child benefit.
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